Mortgagor

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Related to mortgagors: mortgagee, mortgager

Mortgagor

In a mortgage, the party that borrows funds. The mortgagor must repay the amount borrowed to the mortgagee (which is usually a bank).
References in periodicals archive ?
In McQueen, the plaintiff lender sought to foreclose and named both the mortgagor and his estate, despite knowing that the mortgagor was dead and no estate had been opened for him.
It noted that the Illinois Mortgage Foreclosure Law ("IMFL") includes the mortgagor as a necessary party, and it distinguished a mortgage foreclosure action, which seeks relief against a piece of property through a named individual, from a true in rem proceeding, which seeks relief solely against the property.
Individuals in their residential property and corporate mortgagors in their commercial property are each treated differently by the law in foreclosure proceedings.
Foreclosure plunges mortgagors into an uncertain, wrenching, time-consuming ordeal, over which they have little control.
And here's something to keep in mind: Even if the ARM already has been paid off, the mortgagor may still be able to recover overcharges.
Although it is restricted to only a small segment of the market, reverse mortgaging assumes that the low-cost mortgagor has counterpart funds invested in income earning assets yielding a return higher than the cost of his/her mortgage.
But the actual distribution of profit between the mortgagor and the lender would be determined by the market forces of supply and demand.
The tax consequences depend on the mortgagor's solvency and whether or not the mortgagor is personally liable for the debt.
At around the same time that the complaints in these cases were pending, the same circuit court was considering still another matter, Wells Fargo v McQueen, No 05-CH-12846 (November 2, 2006), in which the mortgagor had also died before the filing of the mortgage foreclosure complaint.
First, MRG confirms our conclusions on the change in mortgagor credit quality after the end of the early 1990s refinancing boom.